The Trinidad & Tobago government has welcomed an announcement by BP Trinidad & Tobago (BPTT) that it has made an estimated one trillion cubic feet natural gas discovery off the island's southeast coast.
Prime Minister Kamla Persad-Bissessar said it's BP's largest discovery in Trinidad in seven years and the largest discovery of natural gas since 2007.
It is the third major discovery of oil and gas in Trinidad in 2012.
"This discovery augurs well for confidence in the Trinidad & Tobago economy," said Persad-Bissessar, adding that the discovery will aid in the arrest in the decline of natural gas reserves.
"This has already been demonstrated in the 2011 Ryder Scott audit results and the trend is expected to continue in 2012. The discovery also confirms that Trinidad & Tobago's Columbus Basin continues to be a world class hydrocarbon province," said the PM.
"We also expect that this discovery will aid in attracting new investment into our downstream energy sector. Finally, the magnetisation of these reserves will provide revenue to the Government of Trinidad & Tobago which will further be used for the benefit of all the peoples of our nation."
BPTT is the largest producer of natural gas in Trinidad.
Parent company BP Plc made the announcement in London Monday during a meeting with Trinidad Energy Minister Kevin Ramnarine and High Commissioner Garvin Nicholas.
"This is exciting news for both BPTT and the industry since this represents the largest discovery for BPTT since 2005," said the BP president Norman Christie in a statement.
"The significant investment in the Savonette 4 well and the potential further investment in two additional development wells, combined with the investment in the ocean bottom cable seismic acquisition, is testament to BPTT's ongoing commitment to the development of our Trinidad & Tobago operations and the wider industry. This discovery demonstrates that with the right technology we can continue to uncover the full potential of the Columbus Basin," Christie said.
Energy officials said one trillion cubic feet of gas produces enough energy to power approximately one million homes for 15 years.